Presentation of Financial Information in Insolvency Proceedings
out by the office holder or their staff.
16. These disclosures should always be made whenever reporting on remuneration and/or
expenses, whether incurred, accrued or paid.
Requests for additional information
17. Requests for additional information, including on expenses, should be viewed upon their
individual merits and treated by an office holder in a fair and reasonable way. The provision
of additional information should be proportionate to the circumstances of the appointment.
18. Creditors and other interested parties¹ may have the statutory right to seek further
information about payments made by the office holder. Creditors and other interested
parties¹ may also have the right to apply to the court if they consider these costs to be
excessive in all the circumstances.
19. Adequate steps should be taken to bring the rights of creditors and other interested parties1
to their attention. Information on how to access a suitable explanatory note setting out the
rights of creditors should be given, when appropriate, in reports that present financial
information.
20. When an office holder's appointment is followed by the appointment of another insolvency
practitioner, whether or not in the same proceedings, the prior office holder should provide
the successor with information in accordance with the principles and standards contained in
this statement. This is in addition to any statutory obligations imposed on an office holder to
provide information.
Other presentational matters
Receipts
21. Realisations by or on behalf of the office holder should be shown gross, with the costs of
realisation shown separately as payments.
22. Realisations by or on behalf of the office holder of assets subject to charges should be
shown as above with the amounts accounted for to the chargeholder shown separately as
payments.
23. When assets subject to charges are sold by or on the instructions of the chargeholder (or
other person with a legal right to do so), the net amount received should be shown in the
account (even if "nil") with the gross realisation(s), costs of realisation and the amount
retained by the chargeholder shown separately by way of note.
Payments
24. Payments should be stated by category, distinguishing payments made under duress, in
settlement of reservation of title claims, to secured creditors, and to preferential creditors
and unsecured creditors as dividends. The dates and amounts of dividends (pence in the £)
should also be stated.
Trading under office holder's control
25. A separate trading receipts and payments account should be provided to the creditors and
other interested parties¹ to enable an appropriate understanding of what was done, why it
was done and how much it cost, and the balance should be shown as a single item in the
main receipts and payments account. The office holder should also provide, by way of note
or in the accompanying report, details of:
a) The assets in existence upon appointment (e.g. stock and work in progress) that
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